Four More 360networks Units Seek Protection

Photonics.comOct 2001
VANCOUVER, British Columbia, Oct. 31 -- Fiber optic network builder 360networks Inc. said four more of its units, including 360atlantic Inc. in the United Kingdom, have filed for protection from creditors. The filings in British Columbia Supreme Court and with authorities in Britain comes nearly four months after the parent company and most of its other subsidiaries sought similar court protection.

360networks saw its plans to build a worldwide system thwarted by lower-than-expected demand for fiber optic services. The company is trying to reorganize as a North America-only fiber system and last week announced a $5 billion dollar loss for the second quarter. It has yet to release its results for the quarter that ended Sept. 30.